Home Loan EMI Calculator

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Personal Loan EMI Calculator

Home Loan EMI Calculator

Personal Loan EMI Calculator Online

Now that you have decided to avail a personal loan, it is critical that you plan your monthly payouts or EMIs alongside your other financial obligations. The aim is to pay the EMI on time without defaulting on it. To ensure this, you need to know the exact monthly outflow of your EMI amount. The Personal Loan EMI Calculator by Finserv MARKETS is the quickest way to know this.

There are three important inputs required when using the EMI Calculator:

Loan amount

This is the principal amount of Bajaj Finserv Personal loan that you wish to avail from us.

Rate of interest

The rate of interest is the actual cost of your personal loan application.

The tenure of the loan

The next input is the loan tenure or loan duration. This the total duration in months or years in which the EMI will repaid.

Use our Personal Loan EMI calculator

How is the Personal Loan EMI calculated?

An EMI calculator uses a simple formula to determine your EMI. The formula used is:

E=P*r*(1+r)^n/((1+r)^n-1)

Where ‘E’ is EMI,

‘P’ is the principal loan amount

‘r’ is the rate of interest calculated on a monthly basis

‘n’ is the tenor/duration of the loan

Let us say you borrowed INR 10 lakh as a personal loan from a bank at the rate of 12% for a period of 10 years or 120 months. Then your EMI as per the formula would be: INR 10 lakh *0.010*(1+0.010)^120/((1+0.01)^120-1))= INR 22,244 per month. In a span of 120 months, you will end up paying INR 13,34,677. Out of this, INR 3,34,677 will be towards the interest.

How to use the ‘Personal Loan EMI Calculator’?

Calculating your loan EMI is really a simple process. You need to click on the Personal Loan EMI Calculator on Finserv MARKETS website. After that, all you need to do is to input the following:

Personal loan amount

Rate of Interest

Loan tenure

You will get the amount of EMI that you need to pay for the Personal Loan according to those inputs instantly.

Benefits of a ‘Personal Loan EMI Calculator’

A Personal Loan EMI Calculator helps you to know the monthly amount that you would require to set aside for repayment of loan. Once you are sure that you can meet the EMI payments regularly, you will be able to enter into an agreement with us. You can also negotiate on the rate of interest or the tenure of the loan. This will help you plan your finances easily and more effectively.

Personal Loan repayment schedule

Personal Loan EMI Calculator from Finserv MARKETS includes a repayment schedule. A repayment schedule is a calendar of your periodic payments that you need to do throughout your loan tenure. The schedule separately shows the amount of the principal and interest component in each EMI that needs to be paid.

Personal Loan Interest Rate and Charges

Enjoy most competitive interest rates of Personal Loan with Finserv MARKETS. We have no hidden charges and we believe in complete transparency.

Documents required for Personal Loan

For verification purposes, it is necessary to meet the documentation requirements in order to avail a personal loan. We advise you to keep your documents like Identity Proofs (Aadhaar Card and PAN Card) ready for instant approval.

Benefits of Choosing Finserv MARKETS

Personal Loan at Finserv MARKETS offers tailor-made to fulfil all your financial needs. You can enjoy end-to-end online process, minimal documentation and unlimited withdrawals with Hybrid Flexi Personal Loan. Get to know more about the benefits of availing our Personal Loan.

Loan amount
(1000000 - 35000000)Full Name

Tenure of loans
(24 - 360 months) Full Name

Rate of
interest (8.6 - 10.1)% Full Name

** The above charges are excluding taxes * Placeholder
for disclaimers on Interest and Charges page
**These are indicative and subject to change at the
discretion of lender/ without prior notice.

Compare

month

Starting Balance

EMI

Interest rate

Principal contribution

Interest contribution

Ending Balance

EMI term

₹ 5,000₹ 5,000

Total amount payable

₹ 5,000₹ 5,000

Interest rate

₹ 8.99%₹ 8.01%

Total interest

₹ 8.99%₹ 8.01%

Total interest

₹ 5,000

EMI term

₹ 5,000₹ 5,000

Total amount payable

₹ 5,000₹ 5,000

Interest rate

₹ 8.99%₹ 8.01%

Total interest

₹ 8.99%₹ 8.01%

Total interest

₹ 5,000

01

₹ 4,80,000

₹ 50,000

8.5%

₹ 50,000

₹ 50,000

₹ 50,000

Home Loan EMI Calculator

Financial planning is absolutely critical If you want your financial position to be secure and stable. However, before planning your finances, you must know how much you need to pay for each of these commitments. The home loan EMI calculator helps you to make an informed decision about creating a provision for each commitment beforehand.

How to use the home loan EMI calculator

The home loan EMI calculator is an online tool by Finserv MARKETS, which lets you provide / key-in certain inputs so that the inbuilt calculator can give you the exact amount you will need to shell out every month towards your home Loan. The three important inputs are:

Loan amount

This is the principal amount of the Bajaj Finserv Home loan that you wish to avail from us.

Rate of interest

This is essentially the cost of your home loan that needs to be paid as a part of your EMIs. You can enter the interest rate on the home loan as agreed upon with us.

Loan tenure

The next input is the loan tenure or Bajaj Finserv Home loan duration. This is the total term, throughout which, the home loan will be serviced.

The inputs are taken on a calibrated scale, which allows you to change the inputs according to your preferences. The amount of EMI is calculated within seconds of getting the inputs. Whenever you change the inputs, the EMI result changes accordingly.

Calculating your home loan EMI is a really simple process. You need to click on the home loan calculator on our website. After that, all you need to do is input the loan amount, the rate of interest, and loan tenure, and you are done! You will instantly get the amount of EMI that you need to pay for the home loan specific to those inputs.

How is Bajaj Finserv Home Loan EMI calculated?

Let us say that you have borrowed INR 20 lakh from a bank at the rate of 10.25% for a period of ten years or 120 months.

Then your EMI as per the formula would be: INR 20 lakh*0.008542*(1+0.008542) ^120/((1+0.008542)^120-1))= INR 26,708 per month.
In a span of 120 months, you will end up paying INR 32,04,919. Out of this, INR 12, 04,919 will be paid towards the interest.

How to Calculate Home Loan EMI Using Formula

EMI Calculation Formula

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

EMI - Equated Monthly Instalment

P - Principal amount (amount borrowed as loan)

R - Applicable rate of interest (interest rate should be on a monthly basis)

N - Loan tenure or the number of EMIs to be paid (tenure should be in months)

The above formula is used to calculate home loan EMIs either manually or through MS Excel. However, these EMI calculation methods can be time consuming and exhausting. Hence, it is best to use a home loan calculator to calculate your EMIs.

What are the benefits of a home loan EMI calculator?

A home loan is a long-term commitment. Hence, you need to know the exact monthly amount that you would require to keep aside. Home loan calculator is beneficial for calculating a manageable EMI for you. Once you are sure you can meet the EMI payments regularly, you will be able to enter into an agreement with the bank. You can also negotiate the rate of interest or the tenure of the loan if you want an EMI that is manageable for you.

Are you eligible for a home loan?

The eligibility of home loan takes into consideration your citizenship, your work experience and your age. You can apply for a home loan from INR 10 lakh to 3.5 crore. Check out the complete home loan eligibility criteria for further details.

Why choose Bajaj Finserv Home Loans?

Avail flexible repayment, balance transfer and top-up options, Pradhan Mantri Awas Yojana, with complimentary value added services when you avail a Bajaj Finance home loan. Get a complete understanding of the features and benefits of home loan and get your dream home now.

Factors that Affect your Home Loan EMI

Change in the interest rate

Any kind of change in your home loan interest rate during the tenure can have a positive or negative impact on your EMI. If you have already taken a home loan with floating interest rates then there will be changes in your EMI depending on the prevalent lending rates in the market. This means, every time there’s changes in bank rates, your EMI will be affected.

Change in Tenure of the loan

Even the slightest change in the tenure of the loan can impact your monthly equated installment. The basic principle says that, the longer the tenure, the lower will be your loan EMI and vice versa.

Pre-payment of Home Loan Principal amount

Prepaying your home loan brings down the principal amount and lowers the interest burden on you. However, you may be charged with a pre-payment penalty. You can try and negotiate with your lender to bring down the pre-payment penalty charges to as little as possible.

Step-Up or Step-Down Repayment

A step-up home loan repayment option is considered for those who have just got started with their career. Your EMI will increase with time. On the other hand, Step-down payment is convenient for those who are close to their retirement. Here, you start with EMIs of high amounts and gradually pay lesser with time.

What is Home Loan Prepayment and How Does it Help?

Home Loan Prepayment is a facility that helps you repay your home loans if you have surplus funds before the completion of your home loan tenure. This ultimately reduces the outstanding principal amount owed, and in turn, reduces your EMIs or the remaining loan tenure.

What is a Home Loan Pre-EMI?

Pre-EMI is the applicable interest payment to the amount that is disbursed over the entire tenure of a home loan. It begins when the house is under construction. Once the structure is complete pre-EMI payments end, and generous EMI payments start.

Tax Benefits of Paying Home Loan EMIs

Deduction for Interest Paid on Home Loan

Tax deduction for interest paid on a home loan during the pre-construction period